The Chancellor of the Exchequer, Philip Hammond, announced this week £17million new funding will be supplied for UK life science, helping to create real benefits for the NHS and patients.

Notably, investment in an Innovation Hub indicates support for the development of an industry underpinned by Engineering Biology; the engineering of biology to create and enable useful products and processes. It also highlights the growing need of manufacturing for metrology and standards supporting the development of new processes and materials.

The Chancellor announced funding for three new areas:

• 1.Cryo-electron microscope – £5 million. A state of the art microscope to build 3D models of biological components
• 2.Innovation hub – £7 million. This lab will establish the UK Centre for Engineering Biology, Metrology and Standards
• 3.Business catalyst – £5 million. This scheme has already produced 26 business spin-outs, 70 patents and £277million of follow on funding from the private sector

Mr Hammond commented, “The UK has world-leading expertise in life sciences – an industry that employs hundreds of thousands of people – and it is through supporting growth in these cutting edge industries that we will build a competitive economy that works for everyone.”

The full report can be read here.